ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block … rivals from obtaining assets. These incentives benefit consumers, but harm rivals in the industry. Evaluating optimal … markets, private equity firms have stronger incentives than incumbents to invest in acquiring specialized restructuring skills. …

under pressure. On the basis of theory and available empirical insights, the paper outlines the conditions where specific …

incentives. Delegating project choice to the manager can alleviate this conflict if managerial private benefits are not too small …

survival of top executives (Presidents, CEOs and General Managers) to bank performance and the manager’s local connections …-manager appointments. We measure the extent? of managers’ local connections by the distance between the province of the bank’s headquarters … and the manager’s province of birth. We show that top managers tend to be local in the sense that the distribution of this …